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India: Doubling the billionaire count in 10 years

Aparna Dutt Sharma, Chief Executive Officer, IBEF

Mar 10, 2014 12:00 AM

The number of billionaires in India is expected to double over the next 10 years reaching a total of 119 from the current 60. The growth registered in the next decade is expected to be faster than countries like China, Russia and Brazil and would make India the fourth largest country in the world in terms of the total number of billionaires surpassing the UK. The number of billionaires in India stood at 23 in 2003 and touched 60 in 2013.

Metro cities like Delhi and Mumbai are expected to contribute a significant proportion of this number with an expected growth of 126 per cent in Mumbai and around 118 per cent in Delhi. Presently Mumbai and Delhi account for 46 per cent of ultra high net worth Individuals (UHNWIs), which is expected to further rise to 52 per cent by 2023. The expected rise in the total number of billionaires in India reflects the limitless economic opportunities that the country provides.